AUD/USD Technical Analysis: Oscillating in Familiar Territory
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- AUD/USD Technical Strategy: Flat
- Support: 0.7219, 0.7084, 0.6974
- Resistance:0.7438, 0.7577, 0.7689
The Australian Dollar is treading water having recoiled upward after dipping to a six-year low against its US namesake. A daily close above the 23.6% Fibonacci retracement at 0.7438 exposes the 38.2% level at 0.7577. Alternatively, a reversal below the 23.6% Fib expansion at 0.7219 clears the way for a test of the 38.2% threshold at 0.7084.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.